The £1.8bn (E3bn) Bass Pension Plan in the UK has appointed Baring, Houston & Saunders (BH&S) to transition its £135m property portfolio from direct into indirect property holdings. The direct holdings of the Midlands-based hotels, drinks and leisure group’s plan are currently managed by Lasalle Investment Management.
Bass’ move to indirectly held property is seen by BH&S, the real estate advisory arm of the ING Group, as a part of a trend to look at indirect property, says business development director Peter Macpherson. The Bass mandate is to outperform the IPD universe of directly held property assets.
BH&S is liaising with Lasalle about the transition, which is due to be completed by the end of the year. “We are seeing if we can reverse some of the properties into existing pooled funds, which is an effective way of doing it, to the extent that it is possible” he says. In going indirect, aim is to use a variey of fund and structure types, includinig property unit trusts, limited partnerships, shares and joint ventures.